EUR/USD grinding lower, US GDP eyed

By FXStreet FXStreet (Edinburgh) – The euro has quickly lost its shine vs. the dollar during the NA session on Thursday, prompting EUR/USD to surrender gains and return to the current 1.1160 area.

EUR/USD weaker after Yellen

The pair’s weekly upside has been rejected in the boundaries of 1.1300 the figure yesterday, after Chairwoman J.Yellen made it clear that the Fed’s lift-off is expected later in the year.

Spot is looking to stabilize in the current 1.1160 region following the Yellen-led drop, all ahead the final revision of the US GDP during the second quarter (3.7% exp.), PCE and the speeches by Fed’s E.George and J.Bullard.

EUR/USD levels to watch

As of writing the pair is retreating 0.53% at 1.1169 with the next support at 1.1105 (low Sep.23) ahead of 1.1089 (low Sep.4) and then 1.1017 (low Aug.19). On the upside, a breakout of 1.1296 (high Sep.24) would aim for 1.1330 (high Sep.21) and then 1.1373 (high Sep.14).
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Source:: FX Street